Greater Noida ₹100 Crore Loan Fraud Busted; Builder–Bank Nexus Under Scanner

A major loan-fraud racket operating in Greater Noida has been dismantled after the Uttar Pradesh Special Task Force arrested eight individuals linked to large-scale financial manipulation. Investigators revealed that the accused orchestrated a sophisticated scheme using forged documents, fake identities and shell companies to secure bank loans worth more than ₹100 crore.

According to officials, the network had been active for several years, quietly building an ecosystem of fraudulent borrowers. These identities were created using fabricated Aadhaar and PAN cards, manipulated registry papers and falsified employment details. Many of the documents belonged to people who were either unaware their profiles had been misused or were no longer alive. Several migrant workers’ identities were also exploited without their knowledge.

At the center of the operation was a former bank loan-executive who allegedly used his industry experience to exploit gaps in verification processes. By collaborating with builders and intermediaries, the group secured loans under the guise of property purchases and residential investments that never actually took place. Once the loan was approved, the funds were immediately routed through shell companies, diverted into layered accounts or withdrawn in cash to obscure trails.

During the crackdown, authorities recovered a substantial amount of incriminating material — including stacks of forged identity documents, more than a hundred ATM cards, chequebooks, registry papers, multiple mobile phones, laptops and even luxury vehicles believed to have been purchased using fraud money. Over 200 bank accounts tied to the racket have been frozen as part of the ongoing investigation.

Officials described the case as one of the most complex loan-fraud operations uncovered in the region, noting that it exposes deep vulnerabilities in real-estate financing and bank due-diligence systems. The scale of the fraud, coupled with coordinated links between builders and intermediaries, has raised serious concerns about internal compliance mechanisms across financial institutions.

The investigation remains active as teams work to identify additional collaborators, trace the broader money trail and determine the full extent of the scam. Authorities have also initiated forensic audits to examine whether similar fraudulent loans were processed through other branches or associated banking networks.

Shunyatax Global Services will continue to monitor developments in this case and provide updates as new findings emerge.